[Ace Ven]

Anyone keeping up with trade in and resale values on new Durango's? I was wondering why they are not holding there value.

 

[Don Fox]

Have you done any research? You joined just to ask this question?

Don

 

[Ace Ven]

Well I picked up a 2023 RT TNG 6 months ago and was looking to trade for a SRT 392. My Durango has 2800 miles on it. The dealer I was talking with would only give me $42,000. The MSRP was $68500. I'm no stranger to Dodge depreciation but $26,500 seems excessive. I've owned a handful of 392 Charger and Challengers and a Hellcat Challenger and have never been this upside-down.

 

[bb37]

I think your dealer may be looking to make some money at your expense.

Sticker price on my 2023 R/T Premium TnG was $70,125.

With 6800 miles on the odometer, KBB calculates my trade-in value to be $52,765 to $56,450.

If I were you, I'd price my car at KBB, Edmunds, NADA, Carmax, Carvana, etc. Be honest as you go through the questions on these websites. Rank those online offers to find the highest price and the lowest price. Then, go to your dealer. Tell them you want the high price. If they decline and want to negotiate, go no lower than the low price. If they won't budge, walk (drive) away andsell your car through one of the online offers you got.

If you go to the dealer without having done your own research, you are sitting duck and they know it. If you go in there all starry eyed about getting an SRT 392, they will not only shoot you like a sitting duck, but pluck you clean.

When I got my Durango, one of the vehicles I planned to get rid of was a 2020 Ford Edge. I visited the above listed-websites and got their prices. Then, I visited my local Ford dealer's website and used their car pricing tool which came up with a price about $2000 below the other websites. About a half hour later, my phone rang. It was the Ford dealer. They wanted me to come in as they were interested in my car. Their appraiser looked at it and they offered me $1000 below the other websites. I said "no, I've had higher offers". They came up another $1,000. We did the deal and the salesperson gave me a ride home.

I would never have gotten to that point with them if I hadn't done my own research.

 

[Tin Foil Hat]

And don't mention your trade until you have a firm deal on the new car. They need to be two separate transactions.

 

[JC Hemi]

The dealership is definitely trying to pull a fast one... Especially if your buy the SRT from them, they make money on the low-ball trade when they re-sell it and they will make money on the new SRT purchase. I am curious, what price does your insurance company have as replacement?

$25K+ depreciation is extreme, but unfortunately, it's last year's model (2023) even though it has 2,800 miles we are currently in 2024. As recommended, do research and shop it around to see if you can get more for your trade.

Finaly, and probably most important it's NOT an SRT or HC... let's not forget the TNG is a $5,900 package.

 

[Vice-White]

Always allow your dealer to give a little lower then Carvana and others. Why? Because when you trade it in you do not pay tax on that amount.
Tax on a 50k trade in is almost 4k in NJ so if Carvana was offering 50k (as the highest buyer) I would let the dealer chew on that and allow a 1k or maybe 2k off the Carvana price and you still get a no tax discount on your trade. But your dealer is grossly screwing you so going this route with them is useless.

I feel I'm in a strange mood today!

 

[shelbymopar89]

I believe all those vehicle value estimate sites do have a place, but the last few years have seen a crazy vehicle market and I don’t think they represent actual current value. Truth is, dealers are hurting right now. The used market is getting flooded by repos, people realizing that they owe more on a 2-3 old vehicle than what a new one costs. Dealers are now getting killed on floor plans, and rejecting allotments. They are paying tons of interest on the cars they have on the lot. “Lot rot” manufacturers have started stepping in to offer rebates, but the truth is, even with the rebates the prices are too high and out of control. With interest rates high and repos galore, financial institutions are not only being picky with loans, some are dropping floor plan loans for dealers. Look at the days on market for the vehicles, all but a few manufacturers have a ton of vehicles they can’t sell. Dealers don’t want to accept that they are priced too high, but loose more and more profit monthly when they have to pay floor plan interest. Something has to break, this is not sustainable. As auctions get flooded with repos, used car prices go down, that is currently happening and hurting your trade in value. New vehicles are coming down, so it is a better time to buy, but harder. Harder because dealers are loosing their ass from lack of sales, so they are trying to make as much as they can off EACH sale. To each their own but I would hang onto yours and wait. This is all a normal cycle, but Covid really made the oscillations of all the different aspects extremely out of balance.

 

[Vice-White]

Such a sad story about the dealers of this country, Boo Hoo. After the financial abuse they gave (and still are) the American public the last 4 years and the fact most dealerships are short sited in reference to revenue, who cares.

 

[shelbymopar89]

Agree totally, don’t think for a minute I like dealers, they themselves and the financial institutions that loaned up to 150-160% of a vehicles value (and the people that paid that) are to blame. I am just saying they are in a bad spot, eventually it will be good for the buyers of new vehicles, but I think used vehicle value will be junk for the next few years. Many say that most of the population sell their vehicle in about 3 to 3 1/2 years. That would put a lot of the Covid vehicles that were sold over MSRP (many with a mark up) into big negative equity roughly 6K. That’s a hard pill to swallow trading in!

 

[K70-Ingo]

Here in Germany fuel and Diesel cars still have high used prices, although Covid and the microchip crisis are over.

This has political reasons. In the last year our government tried to push BEV and BEHV in the market -our green-idelogical motivated "energy change"-, with the submissive medias as cheerleaders.
It was said, that fuel cars will be forbidden soon, fuel prices will explode, gas stations will extinct, the used value of fuel cars will collapse and masses of other bullsh*t, too, and the only chance to keep your individual mobility is buying a BEV.

But this was an epic fail.
The people still buy fuel cars, even Diesel, some by defiance, a few in panic, the most to have one until it's too late.

And nonetheless all the medial and political framing campaigns the selling numbers of BEV stayed low, and after the subventions were cancelled, the selling rates even collapsed.
In addition of that, all the disadvantages of BEV now are discussed louder (in the past the BEV-fetishists barracked down anyone, who said something critical)

So about BEV and E-mobility actually we have a perfect storm in Germany.
Their selling numbers are collapsing, their used prices (Hertz Car Rental kicks the BEV out), too - and of course the acceptance by the customers.
And the car companies starts to nagging about the fuel car end in 2035 ...

Well, the ugly customers are so impertinent - they just refuse the BEV hype and still buy brazenly fuel cars and therefore push their used prices.

And to make it worse, these nasty petrolheads are full of malice against the Green politicians, their fan-magazines and also the BEV-freaks with their increasing disappointments.

The first BEV makers are going bankrupt right now, the BEV dealers will follow soon. Already now their situation is dramatic - their yards are full, but noone buys an used BEV.


P.S. My Durango is a Covid car. I bought it for a very good price (cash only) during the 1st lockdown in Aug 2020. It was an emergency selling by a devastated owner of a travel agency for America trips.
The price was so good, that, if I would sell it now, 3 3/4 years and 50.000 km later, I still would get a slightly higher price than I've paid back then.

 

[stoopalini]

I believe all those vehicle value estimate sites do have a place, but the last few years have seen a crazy vehicle market and I don’t think they represent actual current value. Truth is, dealers are hurting right now. The used market is getting flooded by repos, people realizing that they owe more on a 2-3 old vehicle than what a new one costs. Dealers are now getting killed on floor plans, and rejecting allotments. They are paying tons of interest on the cars they have on the lot. “Lot rot” manufacturers have started stepping in to offer rebates, but the truth is, even with the rebates the prices are too high and out of control. With interest rates high and repos galore, financial institutions are not only being picky with loans, some are dropping floor plan loans for dealers. Look at the days on market for the vehicles, all but a few manufacturers have a ton of vehicles they can’t sell. Dealers don’t want to accept that they are priced too high, but loose more and more profit monthly when they have to pay floor plan interest. Something has to break, this is not sustainable. As auctions get flooded with repos, used car prices go down, that is currently happening and hurting your trade in value. New vehicles are coming down, so it is a better time to buy, but harder. Harder because dealers are loosing their ass from lack of sales, so they are trying to make as much as they can off EACH sale. To each their own but I would hang onto yours and wait. This is all a normal cycle, but Covid really made the oscillations of all the different aspects extremely out of balance.

Very good synopses with insight.

We are currently shopping for a used car for my 17y/o daughter. Looking at Challenger GT's. When we find one worth considering, I pull a car fax ... almost all the ones we've considered have been in the used market for about a year, moving from dealer to dealer either through trades or auctions. They're just not selling.

When I make what I would consider a reasonable offer, they decline and hold their asking price; most likely because I'm monitoring inventory and going to look at them usually within the 1st week they get it ... After they decline, I move on.

I suspect in a couple of weeks, I'll start getting call backs from some of these dealers who want to talk about my offer again. At that point, I'll drop it another $500-$1k or so.

The market right now is in the buyer's favor, which means trade in customers will suffer. But buyer's who can be patient and don't need a car "tomorrow", will be able to get some great deals.

 

[shelbymopar89]

Here in Germany fuel and Diesel cars still have high used prices, although Covid and the microchip crisis are over.

This has political reasons. In the last year our government tried to push BEV and BEHV in the market -our green-idelogical motivated "energy change"-, with the submissive medias as cheerleaders.
It was said, that fuel cars will be forbidden soon, fuel prices will explode, gas stations will extinct, the used value of fuel cars will collapse and masses of other bullsh*t, too, and the only chance to keep your individual mobility is buying a BEV.

But this was an epic fail.
The people still buy fuel cars, even Diesel, some by defiance, a few in panic, the most to have one until it's too late.

And nonetheless all the medial and political framing campaigns the selling numbers of BEV stayed low, and after the subventions were cancelled, the selling rates even collapsed.
In addition of that, all the disadvantages of BEV now are discussed louder (in the past the BEV-fetishists barracked down anyone, who said something critical)

So about BEV and E-mobility actually we have a perfect storm in Germany.
Their selling numbers are collapsing, their used prices (Hertz Car Rental kicks the BEV out), too - and of course the acceptance by the customers.
And the car companies starts to nagging about the fuel car end in 2035 ...

Well, the ugly customers are so impertinent - they just refuse the BEV hype and still buy brazenly fuel cars and therefore push their used prices.

And to make it worse, these nasty petrolheads are full of malice against the Green politicians, their fan-magazines and also the BEV-freaks with their increasing disappointments.

The first BEV makers are going bankrupt right now, the BEV dealers will follow soon. Already now their situation is dramatic - their yards are full, but noone buys an used BEV.


P.S. My Durango is a Covid car. I bought it for a very good price (cash only) during the 1st lockdown in Aug 2020. It was an emergency selling by a devastated owner of a travel agency for America trips.
The price was so good, that, if I would sell it now, 3 3/4 years and 50.000 km later, I still would get a slightly higher price than I've paid back then.

This sounds almost identical to what’s happening here in the states. The honeymoon is over.

Very good synopses with insight.

We are currently shopping for a used car for my 17y/o daughter. Looking at Challenger GT's. When we find one worth considering, I pull a car fax ... almost all the ones we've considered have been in the used market for about a year, moving from dealer to dealer either through trades or auctions. They're just not selling.

When I make what I would consider a reasonable offer, they decline and hold their asking price; most likely because I'm monitoring inventory and going to look at them usually within the 1st week they get it ... After they decline, I move on.

I suspect in a couple of weeks, I'll start getting call backs from some of these dealers who want to talk about my offer again. At that point, I'll drop it another $500-$1k or so.

The market right now is in the buyer's favor, which means trade in customers will suffer. But buyer's who can be patient and don't need a car "tomorrow", will be able to get some great deals.

Stick to your guns, I think you will will find a good deal in the near future. I am in the same boat with my daughter but won’t be buying her college car until next year.

 

[WannaV-8]

Well I picked up a 2023 RT TNG 6 months ago and was looking to trade for a SRT 392. My Durango has 2800 miles on it. The dealer I was talking with would only give me $42,000. The MSRP was $68500. I'm no stranger to Dodge depreciation but $26,500 seems excessive. I've owned a handful of 392 Charger and Challengers and a Hellcat Challenger and have never been this upside-down.

Since Durango is in its last year, the depreciation is now in the top ten, just like my Titan. At least 30%, although dealers pull this low balling with any brand in hopes of turning a quick buck.

 

[wvhemis]

We purchased our Durango to keep as it is the last of the HEMI's. When we ordered our 2022 way back in early March of 2022 the Hellcat was long gone so we settled for the SRT 392. Then the Hellcat came back and there is ample inventory sitting on dealers lots but we are not willing to take the hit on our SRT 392 just to get a Hellcat. They are offering us wholesale and expecting us to pay retail for the Hellcat. Not going to happen.

 

[Vice-White]

We purchased our Durango to keep as it is the last of the HEMI's. When we ordered our 2022 way back in early March of 2022 the Hellcat was long gone so we settled for the SRT 392. Then the Hellcat came back and there is ample inventory sitting on dealers lots but we are not willing to take the hit on our SRT 392 just to get a Hellcat. They are offering us wholesale and expecting us to pay retail for the Hellcat. Not going to happen.

That dealership must have gotten their training in New Jersey.

 

[K70-Ingo]

Mmhh, I dont really believe, that Durango, HEMI and fuel cars at all, are on their last miles.

As it seems more and more, the full-BEV-transformation turns more and more into a great -purely ideological caused- disaster, and that the fuel technology will have a comeback.
The first automotive-CEO came up tentavely with that, also "our" boss Tavares.

That drops is not already sucked.

 

[Gary.gianotti1]

Anyone keeping up with trade in and resale values on new Durango's? I was wondering why they are not holding there value.

Don’t feel bad about your R/T mine had 7800 mile 2023 premium loaded! Punk kid blew the light. Then tried to blame me and then got caught by a witness. Now the punk wants to sue me for injury. I was just getting ready to trade it in for the 392. Will say the cars a tank and the sensors system braked before you can react! Probably save the punks life! The cars are awesome and I say so what if I lose big time with insurance and $17k in repairs won’t be the same car! So screw it im getting the SRT 392. lol

 

[Tin Foil Hat]

Effing kids.... Glad the car performed for you. Others have had the same result. The DDs are solid.

 

[JC Hemi]

What’s important you didn’t get hurt.